NEW: PaxosGlobal has secured an operating license in Singapore, allowing the stablecoin issuer to offer services to local businesses. nikhileshde reports
Paxos, issuer of the USDP stablecoin, can offer crypto products and services in Singapore after securing the license under the nation's Payment Services Act.
This includes tokenization, custody and trade services, the release said. Paxos is perhaps best known for issuing the Paxos Dollar , which currently enjoys a roughly $900 million market capitalization. In a statement, Paxos Asia CEO Rich Teo said the company was one of the first U.S.-based crypto firms to receive the license.
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